Cryptocurrency exchange FTX (FTX.com and FTX.us) appears to be in severe financial difficulties. Binance was going to purchase them, but that purchase isn’t going to happen. It appears that FTX could fail at any time. There are a number of issues here, but one thing anyone who uses (or used) FTX should do immediately is download their transaction history. You may need to use cryptocurrency tracking software and import it into the software via an ‘api.’ (If you use cryptocurrency tracking software, the instructions will be in the software.) This is something you should do now!
From a tax perspective, if FTX were to close and you don’t have your transactions, you have a nightmarish situation for preparing your 2022 tax returns.
I believe that nothing good will come of the FTX fiasco; it’s yet another similar occurrence in this cryptocurrency space. Many Congressmen will look at this and say, “Why don’t we just ban cryptocurrency and end this problem for good?” The odds of such a ban rose considerably this week.
